Estate agents have to make the most of the homes they advertise, but is there a way to cut through their jargon to the truth? The vast majority of people start their search for a new home online. Looking up house after house and room after room before deciding where to visit in person. There's just one problem, some estate agents are experts at strategic photos, alluring descriptions and wringing every last drop of positivity out of a home in its listing. That means anyone with a good house but an inexperienced agent or posting their own property for sale or rent could end up losing out to a worse home that's better staged.
63% of remortgagors lowered their mortgage rates after the Referendum result in July, with 35% managing to cut their payments by £200 or more each month, according to research. With the exception of two-year variable products at 75% LTV, Bank of England data shows average mortgage rates were lower across the board in July than was the case in May before the EU referendum took place – with many falling to record lows. For the first time since tracking began in December 2014, the data shows that there were higher expectations of interest rates falling than rising in July. Among the 13% of remortgagers who expected rates would change in July, almost two in three (59%) expected rates would fall – compared with just 18% who felt this way in May and 29% in June, when the EU vote took place.
The Government and banks could face legal action from thousands of savers over the Help to Buy Isa scandal, as experts said they may have broken consumer law by failing to make vital restrictions clear to customers. Controversy surrounding the savings scheme for first-time buyers is mounting after the Telegraph reported savers were unable to use their promised 25 per cent Government bonus for deposits required when contracts are exchanged.
Royal Bank of Scotland started charging some clients to hold their cash. From 29th of August, RBS will charge interest, such as banks and pension funds, on the cash they place with the state-controlled bank as collateral for trading complex financial products. It is the first time a bank has imposed charges for sterling holdings since the BoE halved interest rates to a new record low of 0.25% on 4 August and restarted its quantitative easing (QE) programme of government bond purchases. The BoE relaxed monetary policy in an effort to support the economy following the vote to leave the EU by discouraging banks from hoarding cash.
Santander has halved the rate on its popular 123 high-interest current account from 3% to 1.5%, a move that affects hundreds of thousands of savers. The account has proved popular with those desperate for a decent return on their money and there are fears that the cut will encourage other banks that offer similar accounts to follow suit in the wake of the Bank of England’s recent cut to Bank Rate.